Stock Market Advances With N18bn Gain

The nation’s stock market closed higher on Wednesday as the bulls maintained their grip on the market following gains recorded majorly by blue-chip stocks.

The key market performance indicators, the Nigerian Stock of Exchange All-Share Index and market capitalisation, rose by 0.14 per cent amid positive sentiment.

The ASI rose by 34.83 basis points to close at 25,171.32bps as against the 25,136.49 recorded the previous da.

The market capitalisation of equities appreciated by N18bn to close higher at N13.13tn from N13.11tn as market sentiment remained in the green territory.

Meanwhile, a turnover of 180.01 million shares in 3,108 deals was recorded in the day’s trading.

The premium subsector was the most active (measured by turnover volume), with 89.30 million shares traded by investors in 1,064 deals.

The volume in the subsector was driven by trading activities on the shares of Zenith Bank Plc and Access Bank Plc.

The banking subsector was boosted by the trading activities on the shares of Guaranty Trust Bank Plc and Fidelity Bank Plc, with a turnover of 19.14 million shares in 469 deals.

The number of gainers at the close of trading session was 13 while decliners were 13.

Further analysis of the day’s trading showed that Studio Press Plc led the gainers’ table with 10 per cent to close at N1.98 per share.

It was followed by International Breweries Plc, which rose by 7.14 per cent to close at N3.00 per share, while Jaiz Bank Plc gained 5.36 per cent to close at 59 kobo per share.

On the other hand, CAP Plc led the losers’ chart with a drop of 10 per cent to close at N15.30 per share.

Royal Exchange Plc followed with a loss of 9.68 per cent to close at 28 kobo per share while PZ Cussons Plc dropped by 9.41 per cent to close at N3.85 per share.